Sunday, May 1, 2011
Whether Your Wedding Is Royal or Not, Insuring Your Special Day Can Provide Important Financial Protection
Your nuptials may not be as extravagant as the royal wedding of Prince William and Kate Middleton, but weddings in the U.S. can be extraordinarily expensive, so it is important to consider wedding insurance to financially protect your special day, according to theInsurance Information Institute (I.I.I.).
A survey conducted by the wedding planning website, TheKnot.com revealed that the average wedding in the U.S. costs about $27,800, while the prices of weddings in urban areas are reaching $40,000 or more.
“Wedding insurance is a form of special event insurance that provides reimbursement for non-refundable deposits in the event the wedding needs to be cancelled or postponed due to a natural disaster, death, illness, serious injury or other catastrophe listed in the policy,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I.
Policies also provide financial protection in the event the caterer goes bankrupt, or the florist or photographer do not show up.
Several insurers offer wedding insurance. Some provide a package policy that includes a selection of coverages, while others offer a la carte coverage where you can pick among several options.
“Planning a wedding is a fun but emotional experience and purchasing wedding insurance can offer some piece of mind as the bride, groom and their families write check after check,” noted Salvatore.” In fact, some insurers even offer coverage for ‘cold feet’, providing someone other than the bride or groom is paying for the ceremony (generally the parents) and the couple breaks up more than 180 days before the ceremony.
Following are some tips to consider when purchasing wedding insurance:
If you have any questions about wedding insurance, contact your insurance agent or company representative. He or she can help you determine if the coverage is right for you.
Furthermore, getting married is a major life event that should trigger a review of all of your insurance policies, including homeowners, auto and life insurance. You are not only merging two lives, but two households.
With most couples receiving numerous wedding gifts, it is also be a smart time to creat or update a home inventory. To help with this task, the I.I.I. offers Know Your Stuff, free online home inventory software, along with avideo on the topic. And, don’t forget that most wedding and engagement rings will need special coverage in the form of a floater or endorsement.
Article: Wedding and Special Event Insurance
Video: Wedding Insurance
THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.
INSURANCE INFORMATION INSTITUTE, 110 WILLIAM STREET, NEW YORK, NY 10038, (212) 346-5500
Posted by Amanda Buschle (IT) at 7:18 PM